As you may be aware, cryptocurrencies are now trending. With the release of ICO’s more companies are considering using the cryptocurrency method. Here is a general outline for beginners for creating an ICO.
First, if you do not understand what an ICO is, and the benefits of using this method, it would be best to learn more about ICO’s. Once you understand the purpose of an ICO, you can evaluate if it is the right avenue to take for funding your company or project. ICO is not meant to be for any project or source of funding. For example, if you have a personal campaign to raise funds due to a family tragedy, then releasing an ICO would not be a good fit.
Planning
Once you are sure that an ICO will be the right path for you to take, you need to conceptualize and plan the process. You will need to tell people why you are launching the ICO, in other words, where is the money going to be used. If this is the method that will be used, you need to be sure that a dedicated team is on board and can devote time to the ICO. Much like a Crowdfunding campaign, you will need to advertise the end product, as well as conduct an ICO pre-launch campaign. Be sure, however, that you have material such as a website/landing page before your prelaunch campaign and especially the launch of your ICO. Included in the planning process is where to offer the ICO. If you intend to give the general public a chance to donate, then choosing a platform may be better than offering the coin on your own. For example, Indiegogo offers the general public a chance to invest in the ICO on a site called Microventures. As an alternative, you can host the ICO on your own website. A marketing strategy is key to success with any type of Crowdfunding campaign. So make sure that all of the necessary research is made to optimize the chances of reaching your funding goal.
Build
Next, you need to build all that is required for your ICO to launch. If it is on your own website, you will have to develop an ICO based component which may take lots of time. If that is out of the budget, you will have to find a platform to host your ICO. The only concern with using an ICO platform is potentially losing your investor to another project on the platform. In addition, you may also gain new investors by being featured on the platform as well. So this can be a blessing and a curse.
Launching
Once your website and marketing material is created such as your landing page/website, you can then launch your ICO. It is critical that you have conducted a successful pre launch campaign, it may also help to have built a timer counting down to the launch. Every little detail counts to get more investors on board with your cryptocurrency. You want to make your business and goals seem as legitimate as possible to your potential investors. At this stage of the process, you should have taken all of the necessary steps in marketing your campaign. From social media to email marketing.
Delivering
The last step in the process is to follow up on what you set out to get funding for. At this point in the campaign, you should have reached your funding goal. This may be difficult to carry through as most investors are looking to sell the cryptocurrency in the future. Your success is why they are investing. So upholding the promises that you made when marketing the ICO are most important.